EducationRealty Trust Inc. disclosed that it launched its at-the-marketcontinuous equity offering program for 2016.
The company said it and Education Realty Operating PartnershipLP signed equity distribution deals for the sale of up to $300 million of itscommon shares from time to time.
The sale of shares under the program is contingent onvarious factors, including Education Realty's stock trading price, market conditions,capital needs and determinations of appropriate funding sources for thecompany. The sales may be made in transactions considered to be "at-the-marketofferings" as defined in Rule 415 under the Securities Act of 1933, asamended, including sales made directly on the NYSE or sales made to or througha market maker or through an electronic communications network, according to afiling.
Education Realty said any net proceeds will be used to fundor partially fund the acquisition or development of collegiate housingcommunities, the improvement of such communities, debt repayment or for generalcorporate purposes.
The company and operating partnership entered into separateequity distribution deals with each of KeyBanc Capital Markets Inc. and MerrillLynch Pierce Fenner & Smith Inc. as managers May 2.